PPP Loan Data — O'mahony & Sons Electrical Inc, Middleton, MA
O'mahony & Sons Electrical Inc
Location: Middleton, MATweet This • Search All PPP Data
O'mahony & Sons Electrical Inc is a corporation located at 2 De Bush Avenue in Middleton, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,472,056.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Santander Bank, National Association
O'mahony & Sons Electrical Inc in Middleton, MA received a Paycheck Protection Loan of $2.47M through Santander Bank, National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 119. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, O'mahony & Sons Electrical Inc's 2019 payroll expenses are estimated to be at least $11.87M (not accounting for salary amounts > $100k).
Because the 75 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, O'mahony & Sons Electrical Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,472,056
Business Information - O'mahony & Sons Electrical Inc in Middleton, MA
2 De Bush Avenue
Middleton, MA 1949
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Middleton
In the Middleton area, 10 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 75) and received an average PPP loan of $299,372 (compared to this company's $2.47M).
Similar Nearby Businesses Who Received PPP Funding:
Essex Electric Services Corp
Sordillo Electric Inc
IDB Electrical Services, Inc
Scott H. Magee Electrician, LLC
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 11 employees, 85% lower than O'mahony & Sons Electrical Inc's reported 75 employees, and received an average PPP loan of $142,494, 94% lower than this company's loan of $2.47M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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